current financing options?

[jdb0822]

Ok, so what is the info on buying direct from disney for 160pts? What is the down payment required, the terms, monthly payments etc?

 

[dcamdad]

Normally 10% down if your credit is ok and 10 year term.

 

[tjkraz]

For good credit the rate is 10.75%. If the credit is not so good, the rate is 14.75%.

 

[jdb0822]

sounds good, what would the monthly payments be like?

 

[DW-Admin]

alrighty, i just signed and here is what i am looking at. And yes i dont have the best credit so i am at 14.75 interest rate. my payments are 214 a month plus annual fees of like 800 bucks a year. i am paying like 260 a month with all fees included. And yes, 10% down for a 10 year loan is standard. Also there are like 300 dollar closing costs...

 

[Dodie]

I'm assuming you can put more than 10% down(?) I am also assuming you can finance for shorter than 5 years(?) My guide told me that Disney pays all of the closing costs(?)

 

[tjkraz]

sounds good, what would the monthly payments be like?

That's a pretty wide open question. The answer depends entirely on factors like:

Resort you buy (many different prices and incentives, and dues will also vary)
How many points you buy
Interest rate
Duration of the loan
Size of downpayment

DW-Admin gave you one example. For a minimum 160-pt purchase with the minimum down and 10 year financing, you're probably looking at $250-300 per month over the next 10 years. And remember all that gets you is the room. You still need to pay for all of the other Disney stuff (tickets, transportation to Orlando, food, souvenirs, recreation, etc.)

 

[tjkraz]

I'm assuming you can put more than 10% down(?)

Correct.

I am also assuming you can finance for shorter than 5 years(?)

I think they'll let you specify any term up to 10 years. There are no preferential terms unless you go with just a 1-year loan. However, there is no prepayment penalty. For maximum flexibility, finance over 10 years and make extra payments.

My guide told me that Disney pays all of the closing costs(?)

Not for new purchases. They started charging closing costs about 2 years ago. It's about $300 for a minimum contract.

Closing costs are waived for add-on purchases by existing members.

 

[Dodie]

Interesting. The DVC person I spoke to yesterday about a new purchase (of VWL points) specifically said, "...and of course Disney picks up the closing costs."

 

[nittany89]

I purchased 160 points (AKL). Financing for 10 years - payments 187.00/month. My maintenance fees will not begin until next year.